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The Pacific Catastrophe Risk Insurance Company (PCRIC) has just issued its first-ever Annual Report since its inception in 2016. The report was a collaborative effort of the entire team and was endorsed by the PCRIC Board.
The 92-page document features the company’s 2021 performance highlights, focal achievements, and progress against key results indicators, and also includes modeling and product development updates. From the report, some of the key achievements by PCRIC include:
- PCRIC has secured €10 million from Germany towards policy premium financing and technical capacity building.
- PCRIC has a strong solvency position and its claim-paying capacity is sufficient to meet a 1-in-10,000-year event (the maximum event in the stochastic event set of the AIR model) after allowing for reinsurance recoveries.
- PCRIC total equity is projected to increase through FY 24, subject to new members joining and taking up insurance policies.
- PCRIC is very well capitalised, exceeding the statutory minimum capital requirement of NZ$100,000 over 380 times.
- PCRIC is diversifying its product offering by continuing the development of new insurance products for drought and excess rainfall. The excess rainfall product (due in 2022) and the drought product (due in 2023) are being developed as an addition to the current cyclone and earthquake products.
For more on PCRIC’s results and achievements, the PCRIC Annual Report can be accessed here: https://lnkd.in/guJBDqsm
